The Risk Plan ensures that any problems that could potentially occur during a Project duration have been thought of in advance and a contigency plan is available to implement thereby saving the Project from potential deadline failure.

What else does it do?

• It defines potenital risks involved.
• It analyses the consequence of each risk.
• It assigns a probability of such a situtation occurring.
• It defines the potential impact as High, Medium or Low risk.
• It ranks all of the risks with the highest probability first.
• It calculates all the risks together and provides an average risk for the entire project.
• It defines contigency plans for each risk to reduce the impact should it develop.
• It analyses how effective the contigency plan is in reducing the overall risk.
• It defines a method to monitor risk.